Ethereum’s “Dencun” upgrade is set to launch on March 13, 2024, following the project’s successful third testnet deployment. According to its creators, the upgrade will drastically reduce transaction fees on Ethereum’s layer-2 networks.
As analysts have predicted, the upcoming project launch has impacted Ethereum’s price, pushing it past $3,500. Crypto enthusiasts are positive that $ETH will hit $4,000 after March 13, or perhaps even higher as some whales are already rotating $BTC profits into $ETH. The same enthusiasm has also been extended to Galaxy Fox’s new memecoin project, $GFOX, with the token expected to reach 100x its current price upon its listing on decentralized exchanges.
What to Expect From the Dencun Upgrade
The Dencun upgrade, also called the “Ethereum Cancun-Deneb upgrade,” is a major feature in the Ethereum 2.0 project. Based on the information provided by the network, the upgrade will enhance the platform’s scalability, security, and efficiency.
The Dencun upgrade will improve the execution and consensus layers and make the network more efficient in handling larger transactions. It will also include a proto-dank-sharding system to reduce transaction fees and make the network more affordable.
The upgrade is expected to attract more users and investors to Ethereum’s network. The creators expect that the project’s utility will increase the volume of transactions and the demand for ETH.
While many analysts have suggested that the Dencun upgrade is a step in the right direction, others have hinted that it is not a permanent solution to Ethereum’s scalability challenges. This group of analysts argues that the upgrade is focused on the efficiency of data storage, but the long-term issue facing the network is capacity. Hence, they believe the team should be focused on expanding the network’s capacity to support more transactions.
As per the impact of the Dencun upgrade on ETH’s price, analysts appear to have come to a consensus. They expect that the upgrade will lead to an increase in demand for ETH and subsequently raise its price. They also believe it will increase investors’ trust in Ethereum’s long-term utility and stability.
What’s happening to ETH?
Since March 1, $ETH has experienced a positive price trend. Presently, $ETH is trading at $3,600, almost 20% more than its price the previous week. This is the highest $ETH has reached since January 2022, after its 2021 bull run.
Analysts have suggested that the coin breaking past the $3,500 mark is an indication of a potential price gain. There has also been a major increase in whale activity in the Ethereum market.
The Ethereum community is eagerly anticipating the Dencun upgrade, which is less than 10 days away. The Dencun upgrade has been reported as one of the most important upgrades since the activation of staked ETH withdrawals following Ethereum’s transition to a proof-of-stake model. According to analysts, this upgrade may increase ETH’s price to the $4,000 level.
It appears that the positive price movement of $ETH and the upcoming Dencun upgrade have generated bullish sentiment in the market. With market statistics showing that over 90% of $ETH is currently held in wallets, there is no limit to how far $ETH will surge in price.
As the countdown to the Dencun upgrade continues, the excitement around $ETH has extended to the memecoin space. With tokens like $GFOX topping the charts of tokens that could reach 100x their current price in 2024, investors have more than enough investment options in their hands.
$GFOX on the Road to 100x
Galaxy Fox ($GFOX) is a meme coin project that has gained popularity in the crypto space because of its unique platform and utility. The token was designed to challenge the popular notion that memecoins have no real utility. With its blockchain gaming network, Galaxy Fox has combined its play-to-earn (P2E) gaming platform with a hybrid protocol that rewards early investors for their participation. The platform has a web3 runner game where players can earn GFOX tokens and other in-game benefits, including NFTs.
Galaxy Fox had improved the tokenomics mechanism. The network has a total supply of only 5 billion GFOX tokens, and the tokenomics are designed to be deflationary, with periodic token burns. This is expected to reduce the token’s supply, increase its demand, and subsequent price.
The network also has an organized project distribution system, with 70% of the total supply allocated to its 10-stage presale. Thus far, Galaxy Fox has had a successful presale phase, raising over $3.7 million within a few months. The project has since its launch seen significant investor interest, with over 2.8 billion GFOX tokens purchased.
While analysts generally shy away from predicting long-term crypto price movement, some experts believe that Galaxy Fox has the potential for significant gains. Comparisons have been drawn to successful ICOs like Binance Coin ($BNB) and Ethereum ($ETH), which saw gains of up to 100x. Hence, analysts have speculated that $GFOX could reach 100x in the coming months.
Final Thoughts
The surge in Etherrum’s price, like $BTC, has a ripple effect on the general crypto market. While $ETH may be too pricey for first-time investors or investors on a small budget, $GFOX is the perfect alternative. With its potential to hit 100x its current price, now is the best time to invest. Join the 100x GFOX community today.
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